Investment Positions Solace for Accelerated Market Expansion
OTTAWA, November 2, 2010 – Solace Systems, the leading provider of messaging middleware appliances, today announced that it has closed a round of growth equity financing from Tandem Expansion. Solace has experienced consistent growth over the past several years and plans to use the funds to accelerate its already rapid global expansion. Solace was recently ranked 14th in the Deloitte 2010 Canadian Fast 50, a ranking of the 50 fastest growing technology companies in Canada, with a 5 year growth rate of 2296%.
“We are at a pivotal stage in the growth of our company – our products are proven, we’ve established tier-one customers in key markets, and our sales momentum is at an all-time high, ” said Craig Betts, CEO of Solace Systems. “We felt this was an ideal time to engage with a quality growth equity investor like Tandem to help us accelerate our sales execution and take full advantage of our market opportunity. We look forward to working with Tandem on our shared vision of building a global, market-leading company.”
As part of the transaction, André Gauthier, managing partner of Tandem, will join Solace’s board of directors.
“Solace has assembled a talented team and established a loyal base of blue-chip customers, ” said Gauthier. “Solace solutions are central to the needs of enterprises in many industries as they aim to cope with, and profit from, the rising tide of real-time information that drives their business.”